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    Subhash Chandra steps down as chairman of Zee Entertainment - Livemint thumbnail

    MUMBAI :
    Four days after selling a stake in India’s largest listed television network, Subhash Chandra, who founded Zee Entertainment Enterprises Ltd (ZEEL) in 1992, has stepped down as chairman of the company, paving the way for the company’s transition to an institutionally managed entity.Chandra will, however, continue as a non-executive director on the company’s board, while his son Punit Goenka will continue as managing director and chief executive officer of ZEEL. The company is yet to announce who will replace Chandra as chairman.On 21 November, a clutch of institutional investors bailed out the promoters of ZEEL by buying a 15.7% stake in the company, helping Chandra repay lenders more than ₹11,000 crore of promoter debt. Post the share sale to several institutional buyers such as GIC and Blackrock, the shareholding of Subhash Chandra-controlled holding companies stood at about 5%, making ZEEL a
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